Fallond Stock Picks: Relief Bounce
Markets enjoyed a temporary respite after a couple days of heavy selling. Stochastics reached comparable oversold levels to that of October - although channel support has long since gone for the indices.
For the Nasdaq any relief bounce is likely to struggle at the 50-day MA as the 20-day MA works its way down towards an intermediate 'Death Cross'
The Dow is closer to a 'Death Cross' - it has been a while since the 20-day MA cut below the 50-day MA; this will make 20-day MA resistance.
There were bigger gains in the semiconductor index with an inside day.
The S&P went a step better and closed above Friday's open. A push above 1,100 would give the rally some momentum.
Bulls have a chance to make the rally work with the S&P best placed to make progress.
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets under the user id: ‘Fallond’, ‘ETFTrader’ and ‘Z_Strategy’ available through the latest rich internet application for finance, the Zignals Dashboard; many are ranked in the top-20 for 3-month and YTD performance.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com; ranked top-20 software product out of 285 listed. Join today - it's free!
For the Nasdaq any relief bounce is likely to struggle at the 50-day MA as the 20-day MA works its way down towards an intermediate 'Death Cross'
The Dow is closer to a 'Death Cross' - it has been a while since the 20-day MA cut below the 50-day MA; this will make 20-day MA resistance.
There were bigger gains in the semiconductor index with an inside day.
The S&P went a step better and closed above Friday's open. A push above 1,100 would give the rally some momentum.
Bulls have a chance to make the rally work with the S&P best placed to make progress.
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets under the user id: ‘Fallond’, ‘ETFTrader’ and ‘Z_Strategy’ available through the latest rich internet application for finance, the Zignals Dashboard; many are ranked in the top-20 for 3-month and YTD performance.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com; ranked top-20 software product out of 285 listed. Join today - it's free!
